BSTON -- MTPV, LLC, a clean energy semiconductor chip company, raised $6.5 million in the initial closing of its series B financing. The round, which was led by pre-existing investor Spinnaker Capital, LLC of Boston, included an investment from Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc. Also investing in the series B financing were the Massachusetts Clean Energy Center, Austin-based Ensys Capital, LLC, and several existing MTPV investors.
MTPV creates semiconductor chips that convert heat directly into electricity. Similar to a solar panel that converts sunlight into electricity, MTPV chips are able to convert any source of heat into electricity with breakthrough efficiency and power.
"MTPV represents an intersection between the semiconductor and energy worlds, two large markets that align well with Applied Materials' core expertise," said J. Christopher Moran, Corporate Vice President and General Manager of Applied Ventures. "We are pleased that this investment will be used to support the development of products for making alternative energy and environmental solutions more accessible and affordable."
The Massachusetts Clean Energy Center, also a Series B investor in MTPV, has been a long-time supporter of the company.
"MassCEC is dedicated to accelerating the success of clean energy development and implementation while creating high-quality jobs and long-term economic growth in Massachusetts," said Patrick Cloney MassCEC's Executive Director. "Helping companies like MTPV take another step closer to commercialization will not only benefit our local economy, it will bring a valuable and important energy choice to the world."
Bob DiMatteo, MTPV's CEO, founded MTPV after the original breakthrough research at MIT. Since then, MTPV has added many patents to its credit, scaled the technology, and is now beta testing its first commercial prototypes.
MTPV expects to complete the financing by selling an additional $2 million in equity within the next few months. The company will use the funds from the Series B financing to expand its current beta testing and scale its manufacturing capabilities.
SOURCE: Massachusetts Clean Energy Center